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Square Enix is still playing its Hitman 5 cards close to the vest, but it appears the movie sequel is on the way.

It's unclear whether U.S. Marshal Raylan Givens (aka actor Timothy Olyphant) will lose the Stetson and the hair to once again become Agent 47, but according to sources, the Hitman 2 movie has a green light and will begin production this fall with a story that includes elements from the long-rumored Hitman 5 videogame.

Deadline reports today that 20th Century Fox has tapped Daniel Benmayor to direct the Daniel Casey Script. Olyphant reportedly has an option to star, but it's not yet known if he as agreed to play the bald assassin in the sequel. From Deadline:

The original Hitman grossed $100 million worldwide on a $30 million budget. Adrian Askarieh, Alex Young and Chuck Gordon are producing, and Daniel Alter is exec producer. Daniel Casey has written the most recent draft, which Kyle Ward was originally hired to write. The sequel includes elements from the videogame Hitman 5. Agent 47, is a beaten man and must build himself back psychologically and physically to reclaim his mantle as world's most feared assassin.

The Deadline story updates a similar Variety report from June of last year. According to the Variety article, the Hitman 5 videogame was expected in late 2010, so if it is on the way this year, we should definitely hear about it from publisher Square Enix at E3 next month.

Sharkey says: With the movie slated to begin shooting this fall, I would think Square Enix would hold the game until 2011 to jump on the free marketing the film would provide. However, it's been nearly four years since Hitman fans got a dose of Agent 47, so the publisher might want to get something out the door. Yet another story to watch at E3.